CMDY vs. USE

Last updated Jun 24, 2026

CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and USE (USCF Energy Commodity Strategy Absolute Return Fund) are both Commodities funds. CMDY is passively managed, while USE is actively managed. Over the past 3 years, CMDY returned 11.39%/yr vs 10.72%/yr for USE. A 0.51 correlation means they provide meaningful diversification when combined. CMDY charges 0.28%/yr vs 0.79%/yr for USE.

Performance

CMDY vs. USE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and USCF Energy Commodity Strategy Absolute Return Fund (USE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMDY achieves a 14.22% return, which is significantly lower than USE's 19.51% return.

CMDY

• 1D: -1.43%
• 1M: -9.33%
• YTD: 14.22%
• 6M: 12.70%
• 1Y: 21.95%
• 3Y*: 11.39%
• 5Y*: 9.18%
• 10Y*: —

USE

• 1D: -0.88%
• 1M: -18.62%
• YTD: 19.51%
• 6M: 20.11%
• 1Y: 2.57%
• 3Y*: 10.72%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMDY vs. USE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	14.22%	15.81%	5.43%	-0.75%
USE USCF Energy Commodity Strategy Absolute Return Fund	19.51%	-14.97%	22.58%	9.68%

Correlation

The correlation between CMDY and USE is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.51

The correlation between CMDY and USE has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

CMDY vs. USE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMDY

CMDY Risk / Return Rank: 40
CMDY Sharpe Ratio Rank: 40
CMDY Sortino Ratio Rank: 36
CMDY Omega Ratio Rank: 39
CMDY Calmar Ratio Rank: 37
CMDY Martin Ratio Rank: 45

USE

USE Risk / Return Rank: 10
USE Sharpe Ratio Rank: 10
USE Sortino Ratio Rank: 10
USE Omega Ratio Rank: 10
USE Calmar Ratio Rank: 10
USE Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CMDY vs. USE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and USCF Energy Commodity Strategy Absolute Return Fund (USE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CMDY	USE	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.08	+1.27
Sortino ratio: Return per unit of downside risk	1.83	0.34	+1.49
Omega ratio: Gain probability vs. loss probability	1.25	1.04	+0.21
Calmar ratio: Return relative to maximum drawdown	1.75	0.10	+1.66
Martin ratio: Return relative to average drawdown	7.16	0.19	+6.98

CMDY vs. USE - Sharpe Ratio Comparison

The current CMDY Sharpe Ratio is 1.36, which is higher than the USE Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of CMDY and USE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMDY vs. USE - Drawdown Comparison

The maximum CMDY drawdown since its inception was -31.19%, which is greater than USE's maximum drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for CMDY and USE.

Drawdown Indicators

	CMDY	USE	Difference
Max Drawdown Largest peak-to-trough decline	-31.19%	-26.24%	-4.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-26.24%	+13.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.56%	-26.24%	+13.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.56%	—	—
Current Drawdown Current decline from peak	-12.56%	-23.19%	+10.63%
Average Drawdown Average peak-to-trough decline	-13.11%	-8.07%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	13.80%	-10.71%

Volatility

CMDY vs. USE - Volatility Comparison

The current volatility for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) is 3.63%, while USCF Energy Commodity Strategy Absolute Return Fund (USE) has a volatility of 9.95%. This indicates that CMDY experiences smaller price fluctuations and is considered to be less risky than USE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMDY	USE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	9.95%	-6.32%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	27.41%	-12.96%
Volatility (1Y) Calculated over the trailing 1-year period	16.35%	31.31%	-14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	27.31%	-11.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	27.31%	-12.68%

CMDY vs. USE - Expense Ratio Comparison

CMDY has a 0.28% expense ratio, which is lower than USE's 0.79% expense ratio.

Dividends

CMDY vs. USE - Dividend Comparison

CMDY's dividend yield for the trailing twelve months is around 11.29%, more than USE's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF	11.29%	12.89%	4.23%	5.10%	3.98%	16.09%	0.15%	2.21%	1.73%
USE USCF Energy Commodity Strategy Absolute Return Fund	2.56%	3.06%	38.65%	4.83%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMDY and USE in my portfolio?

CMDY and USE have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMDY or USE?

USE has higher volatility (9.95%) compared to CMDY (3.63%). In terms of maximum drawdown, CMDY dropped -31.19% vs USE's -26.24%.

Which ETF is better, CMDY or USE?

On 3-year performance, CMDY leads with 11.39% vs 10.72% for USE. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMDY or USE?

Over the 3-year period, CMDY has performed better with a 11.39% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMDY or USE?

CMDY is cheaper with a 0.28% expense ratio, compared with 0.79% for USE.

Which ETF pays a higher dividend yield, CMDY or USE?

CMDY has the higher dividend yield at 11.29%, compared with 2.56% for USE.

What is the main difference between CMDY and USE?

They also come from different issuers: iShares and USCF. Their fees differ too: 0.28% for CMDY and 0.79% for USE.

Which has better risk-adjusted returns?

CMDY currently has the higher Sharpe Ratio (1.36 vs 0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.